The euro recorded a session high today against the U.S. dollar. The single currency had its gains being boosted following comments from the European Central Bank’s policymaker Lec Coene that were interpreted as hawkish . He stated that inflation risks in the euro zone have increased, while price pressures are evolving and the interest rate rise of April was definitely not a one-off case.
According to a statement by Brian Dolan who is chief currency strategist, at Forex.com any talks arising from the ECB where hawkish opinions and news are expressed are highly likely to help the single currency rise. Besides Lec Coene the was another ECB speaker talking about interest rates hikes that helped the Euro make gains therefore supporting Dolan’s statement. The EURUSD today was able to record a 1.4258 high making around 140 pips gain since the start of the EU Session.